the oecd is one group we heard a comment from, its chairman of the review committee, so said, quote,uation is worse than it was in 2007, our macroeconomic munition is all used up. that's a pretty scary thought. the fact that we can actually see the crash coming now, but are seemingly powerless to do anything against it. that's something i put to the oecd's secretary general earlier. >> the question is we continue to rely on the central bankers to do more. they have pun out of ammunition, because they have been the heros of the last four or five years. it's a time for the finance ministers, trade ministers, innovation minister, education minister, it's a time to go structural. it's a time to go green. it's a time to go institutional, it's a time to go social. it's a time to do all of the structural measures we did not take in the last four or five years because we were depending -- those are all long-term things though, aren't they? but we have also got to brace ourselves for a short-term crash then. >> kamal if we had to say that these were long-term issues in 2008, or 2009, perhaps

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has been about a month leaving people with a lot to talk about at the world economic forum and the oecdeard a comments from and the chairman william white with the chairman of the review committee who said quote the situation is worse than it was in 2007 and macro economic ammunition to fight downturns is essentially all used up and scary thought to think they were worse than before the crisis in 2007 and the fact we can see the crash coming now and are seemingly powerless to do anything against it and i put it to the oecd's secretary-general a little bit earlier. >> the only question is we continue to rely on the central bankers and they have run out of ammunition or because they have been the heros over the last four or five years. now it's a time for the finance ministers, for the trade ministers, for the environment ministers, for the innovation minister and education ministers it's a time to go structural. it's a time to go green, it's a time to go institutional, it's a time to go social, it's a time to do all the structural measures that we did not take in the last four or five ye

although, still much less than the americans, according to the oecd. what about unions?s seems from across the pond that french workers are always striking. well, unions in france are powerful, but they don't actually have many members. less than 8% of french workers are unionized, according to the oecd's latest tally, far less than the united kingdom and less even than the united states. perhaps the biggest surprise about france is that it turns out to be an entrepreneurial nation that is becoming a worldwide hub for the technology industry. >> we are number one in start-ups, creation in continental europe. last year we created 1,500 start-ups. >> at consumer electronics show in las vegas this year, one of the marquis events of the tech industry, nearly one-third of the start-ups were french, according to fortune. paris plans to host what is hoped to become the world's largest start-up incubator, housing 1,000 start-ups. >> new generation of entrepreneur. entrepreneur is a french word. it's not an american one. >> entrepreneur is a french word but state control of the e

the organization for economic cooperation and development, oecd, told al jazeera that global leaders need to rethink their strategy. >> translation: we continue to rely on the central bankers doing more qe. they have run out of ammunition because they have been the heros of the last three or four years. it's time for the finance ministers, trade ministers, trade and education ministers, it's a time to go structural. it is a time to go green, go institutional, a time to go social a time to do all the structural measures that we did not take >>> five former commanders in a rebel army in uganda is due to appear in the international criminal court. judges will decide whether there is enough evidence for one to stand trial for war crimes. our correspondent has been to a former refugee camp which was attacked by the resistance army. >> reporter: this woman 8 year old grandson was shot dead as she ran for her life. that was in may 2004 right here. at the time it was a crowded camp for displaced people. rebel fighters from the lord's rans army attacked. she says a bullet entered one of her c

the oecd is one group we heard a comment from, its chairman who said the situation is worse than it was. our macroeconomic ammunition to fight downturn is all used up. that's a pretty scary thought to think that things could be worse than it was before the crash of 2007, and we're seemingly powerless to do anything against. >> the only question is, we continue to rely on the central marker -- bankers. they have done out of ammunition. it's a time for the finance ministers, trade financiers, innovation ministers, it's a time to go structural. it's a time to go green. it's a time to go institutional. it's a time to go social. it's a time to do all of the structural measures that we did not take in the last four or -- >> reporter: all long-term things, though, aren't they? which is good. but we have also got to brace ourselves for a short-term crash then? >>> if we had to say these were long-term issues in 2007, 2008, perhaps we would now be in better shape. >> reporter: so not the most positive news, remember, though, it is a networking event, not something that will come up with a commun

oecd countries have lowered their rates. we are the outliar with a high rate and nonterritorial rate that disadvantages u.s. companies and makes them targets. i think ryan, the speaker, wants to minimally put his weight as speaker behind this with brady and whether or not that's going to be a template for tax reform as oppose todd an actual vote, i can't say. there is going to be a lot of activity. we will engage it completely rom start to finish. reporter: the white house has pledged to release executive actions in 2016, can you fell us what you think those remaining executive actions could be, what they are going to be about, what is left to come from this administration? dawn dawn damned if i know, but -- mr. donohue: damned if i know, but that was a message. it didn't come from a second-level staff in the house but the chief of staff but he .as sending a message you know, executive orders are very tough toll deal with. i believe presidents ought to have executive power, but there when it ces or times is abused and used b

we heard from the oecd, the organization for economic cooperation and development, and they were talkingut there not being enough ammunition left, it could be worse than 2007 because there isn't any fire power now. >> we continue to rely on the central bankers. they have run out of ammunition, because they have been the heros of the last four or five years. now it's a time for the finance ministers, for the trade ministers, for the environment minister, the education ministers, it's a time to go structural. it's a time to go green, institutional, it's a time to go social. it's a time to do all of the structural measures that we did not take. >> reporter: so he is talk about long term issues, structural changes to deal with, and to put off any further economic decline, but there's also a short-term problem to deal with, isn't there? i mentioned the markets and the oil. our next guest is going to talk to us about that. i guess we can't really overstate how important oil is to russia, when you hear the news what is your reaction? how does the russian economy deal with this? >> it is a chall

>> well, tyler, the fact is we actually see growing demand, not just oecd countries but non-oecd countriest's really supply shock problem rather than a demand issue. i think what we're going to see is continued supply disruption as a consequence of two low of oil prices taking out higher production costs, shale production and maybe other cartel members of what was once known as opec. and that will lead to a supply/demand balance in the second half of 2016. so i'd be poised to start to get into the energy sector. at this juncture, we think it's too soon to bottom fish. >> paul, here's is what i'm hearing is the big problem with low oil. we've been trying to say this for a year now which is this. the biggest -- you know who the biggest investor in the world is? it's the government pension fund of norway. okay? you got some asian pension funds that are huge. saudis investment fund is huge. they're selling stocks. they're not making enough money from oil to fund their needs. so what do they do? you tell what you got. so they're selling stocks. how much of a weight do you think oil is -- forget

coffee consumption was mostly oecd countries. maybe 800 million consumers. now 1.5 million consumers. and countries represent only 50%. so compound average growth rate would predict we would need twice as much coffee at least, probably three times as much by the end of the century with less than 50% available i think we have a problem we need to face. >> i agree with you. i want to pick up on the demand story in particular because we got starbucks results last night. obviously a different business model but they did see weakness in china and asia specifically. point out the different business models that you operate but what are you seeing in china? are you seeing demand weakness? we're supposed to be seeing the shift to the service lead economy. >> i'm not concerned because first, the china economy as we know is shifting from export of durable goods into an economy of internal consumption which means they will consume more. as it did already happen, coffee consumption grows along with the increase of disposable income. so the gdp of china keeps growing by 6

at the moment, someone who can answer some questions for us is the guest and secretary-general of oecdization of development and thank you so much for your time today. >> thank you. >> let me quote you something here william white the chairman of your own review committee has said the situation is worse than it was this 2007, the macro commission decision to fight downturns is essentially all used up and that is economically a terrifying situation. >> well basically there is nothing new. i mean this has been happening now for many months actually. we have all announced we were going to down grade our economic projections in sometime and the imf came out yesterday and will come out in the next few days and we will say that it's a little weaker than it used to be and we make a big deal about china not because we did not know that china was going to deaccelerate and everything we said is happening actually but because of this turbulence in the stock market do you remember the stock market tanked in august? nobody does and nobody cares any more because you can't decide on economic policy b

>> unfortunately we rank 31st r out of 34 countries in the oecd in terms of voter turnout, so i don'tnjoyment of political tvt of pc shows has translated intons voter engagement and voter turnout. i'd love to see a change ino a h the upcoming election but yetet we've been lower thanha 60 percent voter turnout sincein 1964.64. so, i don't think that's goingai to happen unfortunately anyly a time soon. s but it also reflects thatflts ta these shows for this small educated engaged audience like those near d.c., that's impacting with those of us who w are living in the communityunit that others around the countryou and the world are just seeingtee being filmed. >> does it create morereate cynicism in washington and as life kind of repeats art and art repeats life. >> reporter: yes,>> de rfinitely.de i think obama had said he sai wishes things could operate as efficiently but as we know thent efficiency in house of cardsds often stems from, you know, the sinister manipulation of frank underwood and everyonev being used as pawns in this t game. so, i think that cynicism hasism prevailed but

that international movement but i think if you look at the last five years, particularly with the oecd in the lead and also some governments there is a much more decisive move on that and i think it would be welcomed if various asian jurisdictions also joined in that movement. it's one of the typical international public goods that if the large part of the world doesn't cooperate then cannot really eradicate the disease so that's why i'm asking question. okay. let's go to the audience now and take a few questions at once. and then we'll -- yeah. there was one who immediately raised their arm in the back there. please do identify yourself before you ask the question. not work? >> i can ask in a loud vis. >> your voice is pretty good. >> from the "wall street journal." i wonder, one, we were talking about trying to look over the longer term trends, but we can't get to the long term if we don't get through the short term. and it seems to me that i think the imf who estimated that the over investment capacity of china something like 25% of gdp. if there are a -- cascading series of default

i think if you look at the last five years, particularly with the oecd in the lead, and also some governmentsthere's a much more decisive move on that. and i think it would be welcome if there is various asian jurisdictions joined in that movement. it's one of those typical global public goods that you know, if large part of the world doesn't cooperate, then you cannot really eradicate the disease. so that's why i'm asking the question. let's go to the audience now. and take a few questions at once. and then -- >> there was one who immediately raised their arm in the back. >> please do identify yourself before you ask the question. >> your voice is pretty good. >> i wonder, i know we're talking about trying to look longer-term trends, but we can't get to the long-term if we don't get through the short-term. it seems to me that i think the imf, who estimated that the over-investment capacity of china was something like 25% of gdp, if there are a cascading series of defaults in china, that slows down near-term growth. does it not? and causes a massive spillover throughout the rest of the globe.

and if you look at the comments that william white, the swiss-based chairman of the oecd made today, lot because he said there's a trillion dollars worth of nonperforming bank loans in europe right now and emerging markets -- neil: but what does that mean? why is that a big deal? they've had nonperforming loans for a long, long time. is it going to blow up now? >> well, since post lehman, we've increased debt $57 trillion around the world, neil, and that money didn't stay here, it went to emerging markets. neil: do you think we could have another melt down? because if memory serves me right, that took on a force and a heat of its own that went way beyond the rational of the moment. >> no. you're right. and i think dagen is right on too. the banks are much better capitalized and much better positions. but not all over the world. you have to remember the emerging markets was the benefactor of a lot of that created money. neil: right. >> that then pulled the whole economy along with it. we had the japanese growing in the '80s. the americas growing in the '90s, china and emerging markets

oecd did a report that they released in october of this year showing that through 2014 we were at aboutsomewhere between 62, $62.5 billion per year being provided north/south of climate financing. there were then in the immediate aftermath of that announcement -- all of this was at the bank fund meetings in lima -- there were a number of additional pledges that were made by, both by individual countries, france, germany, u.k. and others and by some of the mdbs, so the african development bank, the asian development bank, etc. and adding all of those up would probably over the course of a few years get us into the high 80s if not more. so will we make 100 by 2020? i think we will. i think, you know, i think we are going to hit that number. that's certainly the commitment that we've made, and, you know, i think that'll happen. >> we have time for one more, and i was going in the back, but we'll go in the middle. judithsome -- judith? >> thank you. judith gipper. this is, obviously, long overdue, the world's most important problem, very complicated. is there anything built into the agreeme

oecd countries have lowered their rates dramatically. japan is now adopted territorial brave. don't have a territory -- we are the outlay with the high rate train to compete in the global economy that disadvantage u.s. companies makes a takeover target. i think we are going to see some movement here. ryan the speaker wants to minimally put his weight as speaker behind this with brady. whether or not that is a template for tax reform as opposed to an actual vote i can't say. i think there's a lot of that committee here or activity in this case we obviously will engage completely from start to finish. >> okay. right there. >> thank you. and libya wheeler with the hill. the white house released audacious executive actions in 2016. can you tell us what you think those remaining executive actions will be about? what is to come for the administration's >> i know. but i thought it was really interesting. if you think about it, that was the message. it didn't come from some second-level staffer in the white house. it came from the chief is not. he was sending a message. e-mail, and ex

oecd countries have lowered their rates dramatically. japan has adopted territorial, lowering its rates. we are like the outlier with a high rate trying to compete in a global economy that disadvantages that u.s. companies make some takeover targets. we're going to see some movement here. i think ryan, the speaker wants to minimally put his weight as speaker behind this with brady. whether or not that's going to be a template for tax reform as opposed to an actual vote, i can't say. i think there's going to be a lot of activity here where there's activity in this space, we obviously will engage it completely from start to finish. >> ok. right there. reporter: thank you. the white house has pled to release executive actions in 2016. can you tell us what you think that those remaining executive actions could be? what they're going to be about? what's left to come from this administration? bruce: damned if i know. tom: but but i thought it was really interesting if you think about it. that was a message. it didn't come from some second leve

that international movement but i think if you look at the last five years, particularly with the oecdin the lead and also some governments there is a much more decisive move on that then i think it would be welcomed if various asian jurisdictions joined in that. it's one of those typical global public goods that a large part of the world doesn't cooperate and cannot eradicate the disease so that's why i'm asking questions. let's go to the audience and take a few questions at once. please identify yourself before you ask the question. >> [ inaudible question ] >> yeah, your voice is pretty good. >> i

. >> china's economic slowdown may be ending later this year according to a new report by the oecd but the next guest isn't buying into that. peter baum conducts business in china. peter is a frequent traveler over there. peter, welcome. good to have you here. >> nice to be back. >> what you just heard michelle quoting a leading economists in china, does it make sense to you? is it too bright a forecast, too pessimistic, what do you say? >> going back to 2011 we've been seeing this was coming. as an example right now our manufacturers won't quote a price until after lunar new year. they can't get a price from the raw material suppliers. a lot of those raw materials are imported from out of china. for example, commodities come from australia and canada, and both those countries have problems with their economies because there's no demand out of china, and, you know, it's a ridiculous thought that after seven-plus months of negative or contracting supply managers reports that their economy is growing. that means there's unbelievable excess supply and there's not enough demand, and we see

one, we actually believe there's risk to oecd demand growth.e see it negative potentially this year. the demand story -- >> jesus, if demand goes down and supply goes up, prices are lower, lower, lower. >> that's our call and we've really reversed coming into the beginning of the year. where we see the most risk is in the equity valuations of upstream producers. you know, crude has declined on a percentage basis from over $100 now. you're looking at $29 on the future. the equity valuations, they're destroying capital. rate of return on your invested capital is below your weighted average cost of capital. you're destroying your net present value per share and all of these companies are not free cash flow positive. they cannot self-finance. they need to come to market. we saw pioneer. >> diamondback did. i have talked to people extensively, they can't do it. >> some are getting these deals done. as long as that's going on we still think there's downside risk to valuations -- >> are we going to see a wave of bankruptcies coming? >> yes. >> i don't

according to the oecd, americans today, where we have the most advanced technological breakthroughs imaginable-- americans today do more hours of paid labor than any other working class in any country on the planet. where was all the leisure supposed to come from? all the work that was saved? less work for mom from all those appliances in the store-- that you could buy. meanwhile, mom has to go out and work because the family can't survive unless she does. she's not doing less work. she now has two jobs--the one in the house and the one in the labor force. it's absurd. and, by the way, that's not the fault of the technology, which really was liberating, but it's the fault of a system that has to keep making money whether the technology's advanced or not and drives people, because that's how it makes money. last thing about this system before i talk about a solution-- not only does it produce crises and the terrible waste and damage, not only does it polarize unless people react, and not only does it deny us the fruits of technical change, the fruits of all kinds of breakthroughs, but, even mor